Which will then contain a link to the file, since storing the whole file on the chain is too expensive. Still, you'll now pay >50$ for each file, 98% of which are transaction fees - surprisingly surpassing the already horrible pay ratio of music labels.

> Which will then contain a link to the file

Why? You already have a copy on your local machine ("local machine" being anywhere you'd want to play that file). What's more important is the hash; if you really care about remote storage, IPFS kills both those birds with one stone.

> Still, you'll now pay >50$ for each file, 98% of which are transaction fees

There are other NFT-capable blockchains besides Ethereum, you know :)

As someone who loves organizing my music, a file hash would be a shitty solution. I want to be able to edit tags and transcode the song (e.g. for iTunes compatibility) without losing ownership.

As long as you retain the original (which you probably should anyway, especially if you're converting to a lossy format or downloaded it that way in the first place) and can redo the conversion on demand, I don't expect that to be much of an issue.

A Shazam-esque audio fingerprinting approach could work here, too (though obviously IPFS won't give you that for free like it would a file hash). Might be troublesome for remixes, though.

You will also have to cross your fingers that your NFT's link to mediafire.com/MyMP3File stays live for, uh, forever.

Store the file's hash instead?